Sean Egan fires back at Oppenheimer's defense of Jefferies (JEF +6.4%), pointing out even the...

Sean Egan fires back at Oppenheimer's defense of Jefferies (JEF+6.4%), pointing out even the recommended deleveraging would reduce the debt/capital ratio from 90% to 86%, still way higher than competitors like Interactive Brokers (IBKR) at 67%. Goldman (GS) and Morgan (MS) can sport higher ratios because their size and bank charters give them a government backstop.